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FINANCIAL NEWS
Saudi’s USD 7.43bn awarded contracts decrease
23 May 2016
(MENAFN) Total value of given contracts valued USD 7.43bn in Saudi Arabia in the first quarter of 2016, posting a notable decline of 39 percent from the previous quarter.
However, drop in oil revenues led the government to reduce infrastructure spending brought by financial restructuring.
Accordingly, main collaborating sectors were oil & gas, which accounted for 47 percent of the whole value of awarded deals to reach USD 3.46bn.
On the other hand, other sectors accounted for smaller shares of the remaining contracts, which faced a decline in the cited quarter, compared to USD 15.26bn in 2015.
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